{
  "title": "Seychelles: 2008 Article IV Consultation and Request for a Stand-By Arrangement: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles",
  "publication": "IMF Staff Country Reports, December 2, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-2008-article-iv-consultation-and-request-for-a-stand-by-arrangement-staff-report-22521",
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  "summary": "This paper presents Seychelles’ 2008 Article IV Consultation and Request for a Stand-By Arrangement. Large macroeconomic imbalances and vulnerabilities resulting from longstanding unsustainable macroeconomic policies, combined with recent external shocks, culminated in mid-2008 with the near-exhaustion of foreign reserves and missed payments on public debt obligations. Growth is declining, and inflation has risen sharply. The pegged exchange rate that was incompatible with fundamentals, together with a complex system of exchange restrictions and controls, has resulted in economic dislocation, a parallel exchange market, and pervasive dollarization.",
  "authors": [
    "Arrangement. Large"
  ],
  "publishDate": "2008-12-02",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings: macroeconomic conditions and vulnerabilities",
      "content": "- Large macroeconomic imbalances and vulnerabilities resulted from longstanding unsustainable macroeconomic policies.\n- Recent external shocks, combined with those policy weaknesses, culminated in mid-2008 with:\n  - the near-exhaustion of foreign reserves, and\n  - missed payments on public debt obligations.\n- Growth is declining.\n- Inflation has risen sharply.\n- The pegged exchange rate was incompatible with fundamentals.\n- A complex system of exchange restrictions and controls resulted in:\n  - economic dislocation,\n  - a parallel exchange market, and\n  - pervasive dollarization.\n- The authorities requested a Stand-By Arrangement."
    },
    {
      "heading": "Analytical emphasis and subject scope",
      "content": "- Primary subjects identified: Arrears, Banking, Debt service, Exchange rates, External debt, Foreign exchange, Public debt.\n- Geographic and thematic keywords include: Africa; East Africa; Eastern Europe; Middle East; Global; government; authorities' reform program; reform effort; reform program; upfront liberalization; exchange regime; exchange rates; authority; CBS governor; CR; ISCR."
    },
    {
      "heading": "Policy implications and priorities (as reflected in the paper)",
      "content": "- Address longstanding unsustainable macroeconomic policies that generated large imbalances.\n- Restore external viability by rebuilding foreign reserves and resolving missed public debt payments.\n- Realign exchange rate policy with fundamentals to eliminate economic dislocation and the parallel exchange market.\n- Reform complex exchange restrictions and controls to reduce pervasive dollarization.\n- Engage with the IMF through a Stand-By Arrangement to support adjustment and reform efforts."
    },
    {
      "heading": "Publication and document identifiers",
      "content": "- Publication date: December 2, 2008\n- Pages: 102\n- Volume: 2008\n- Issue: 365\n- Series: Country Report No. 2008/365\n- DOI: https://doi.org/10.5089/9781451836226.002\n- Stock No: 1SYCEA2008001\n- ISBN: 9781451836226\n- ISSN: 1934-7685\n\nInternational Monetary Fund. \"Seychelles: 2008 Article IV Consultation and Request for a Stand-By Arrangement: Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Seychelles\", IMF Staff Country Reports 2008, 365 (2008).\n\n---\n\n Content in this bundle\n\n- cr08365\n  - cr08365 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr08365 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/seychelles-2008-article-iv-consultation-and-request-for-a-stand-by-arrangement-staff-report-22521"
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    "Authors: Arrangement. Large",
    "Published: December 2, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451836226.002",
    "Large macroeconomic imbalances and vulnerabilities resulted from longstanding unsustainable macroeconomic policies.",
    "Recent external shocks, combined with those policy weaknesses, culminated in mid-2008 with:",
    "Growth is declining.",
    "Inflation has risen sharply.",
    "The pegged exchange rate was incompatible with fundamentals.",
    "A complex system of exchange restrictions and controls resulted in:",
    "The authorities requested a Stand-By Arrangement.",
    "Primary subjects identified: Arrears, Banking, Debt service, Exchange rates, External debt, Foreign exchange, Public debt.",
    "Geographic and thematic keywords include: Africa; East Africa; Eastern Europe; Middle East; Global; government; authorities' reform program; reform effort; reform program; upfront liberalization; exchange regime; exchange rates; authority; CBS governor; CR; ISCR.",
    "Address longstanding unsustainable macroeconomic policies that generated large imbalances.",
    "Restore external viability by rebuilding foreign reserves and resolving missed public debt payments.",
    "Realign exchange rate policy with fundamentals to eliminate economic dislocation and the parallel exchange market.",
    "Reform complex exchange restrictions and controls to reduce pervasive dollarization.",
    "Engage with the IMF through a Stand-By Arrangement to support adjustment and reform efforts.",
    "Publication date: December 2, 2008",
    "Pages: 102",
    "Volume: 2008",
    "Issue: 365",
    "Series: Country Report No. 2008/365",
    "DOI: https://doi.org/10.5089/9781451836226.002",
    "Stock No: 1SYCEA2008001",
    "ISBN: 9781451836226",
    "ISSN: 1934-7685",
    "**_cr08365**"
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